Odaily News - Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced several legislations, three of which aim to provide regulatory clarity for the digital asset ecosystem (cryptocurrency, blockchain development, and stablecoin payments).



The FSC will hold a meeting on July 26th to discuss bills such as H.R. 4763, the "21st Century Financial Innovation and Technology Act," H.R. 4766, the "Payment Clarity Act of 2023 for Stablecoins," and H.R. 1747, the "Blockchain Regulatory Certainty Act."



Of these bills, H.R. 4766, initiated by McHenry, aims to bring regulatory clarity to stablecoins designed for use as a means of payment. H.R. 4763 establishes a framework for the digital asset market that applies to its unique characteristics. H.R. 1747 stipulates that blockchain developers do not need a license as long as they are not buying or selling cryptocurrencies.



French Hill, a U.S. Congressman and chairman of the Digital Asset Committee, stated that establishing a functional regulatory framework can protect investors from financial fraud. He added, "This legislation can not only prevent FTX from stealing billions of dollars from its customers but also establish strong consumer protections and clear rules of the road for market participants" (Cointelegraph).



Previously, on July 18th, it was reported that the House Financial Services Committee would vote on cryptocurrency and stablecoin legislation on July 26th. This legislation aims to create clearer pathways for digital assets to transition from securities to commodities, as well as to provide a comprehensive framework for stablecoins.